In california, and if I fill out my withholdings form correctly (no tax liability and no refund at end of year). Trying to set up budget for a job starting August 30.
2007-07-03 11:35:18 · 4 answers · asked by Jared 1 in Business & Finance ➔ Taxes ➔ United States
There is no way in heck you'll take home 60k... LOL Depending on your right offs other then your children your looking at bringing home close to $1,650 twice a month or $40,000/year. Welcome to the USA...
Good luck,
2007-07-03 12:23:19 · answer #1 · answered by Anonymous · 0⤊ 2⤋
Figure about $3000 for federal income tax if all the kids are under 17 so you get the child tax credit for all of them, around $6600 for CA state income tax, and another $5500 for social security and medicare, which would leave you a little below $57K. I think there might be a couple other smaller taxes for CA that get deducted also.
2007-07-03 15:37:17 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
For federal purposes, you can claim 1 exemption on your W-4 for every $3400 in deductions that you plan on having. You can adjust your number of exemptions to include the credits as well.
If you are willing to do the work, you can set up a spreadsheet to deconstruct your paycheck to help you plan.
You will need to review Publication 15 from the IRS website and find a similar publication from CA's website.
2007-07-04 00:32:20 · answer #3 · answered by Steve 6 · 0⤊ 0⤋
If you are not itemizing and you have no nontax withholding, such as health insurance, then you would net about $60K.
But my guess is there are going to be things withheld that you haven't figured, so you will take home less than that.
2007-07-03 11:46:04 · answer #4 · answered by ninasgramma 7 · 0⤊ 1⤋